Unisuper: Commonwealth Bank's biggest fan

John Pearce, chief investment officer at Unisuper, is one of Commonwealth Bank’s (ASX: CBA) biggest fans. In contrast to Perpetual’s (ASX: PPT) ex-investment chief Matt Williams – who recently said going underweight CBA in 2014 was his biggest mistake in an otherwise stellar career – Pearce is overweight the world’s most expensive bank. Pearce believes financial ratios such as price to tangible book value have no relevance to his fund’s members, who are more concerned with yield. That’s because book value is an inherently uncertain concept, with true value never being known except in a liquidation. No qualms there. But...

John Pearce, chief investment officer at Unisuper, is one of Commonwealth Bank’s (ASX: CBA) biggest fans. In contrast to Perpetual’s (ASX: PPT) ex-investment chief Matt Williams – who recently said going underweight CBA in 2014 was his biggest mistake in an otherwise stellar career – Pearce is overweight the world’s most expensive bank.

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